5 insights for executives
A new prescription for market success
What's the fix?
Now more than ever, the industry needs to transform the way it approaches the market.
By focusing on the “patch of earth,” working across brands, and collecting and analyzing the right data, companies can connect with each key link in the marketplace.
For example, rather than relying on office visits to physicians who already have little time for them, commercialization teams need to identify and connect with major influencers throughout the system. They need a more precise and tailored method of allocating resources within discrete “patches of earth” based on local market nuances.
They need to adjust to the marketplace on short notice. And they need to collect and analyze the right data to enable commercial agility.
Focus on patch of earth analysis
Pharmaceutical companies need to tailor their assets to particular market positions. One useful way to look at the market and its layered complexity is through the lens of geography — be it a metropolitan area, a state or a region.
Leading companies are looking at variables in specified geographies. These variables, or layers of influence, can include:
- The disease state
- The prevalence of the disease state in a given area
- Local medical practices
- Specialized and general treatment centers
- The pharmacy infrastructure
- The formulary for leading insurance companies in the area
The final key variables come from an organization’s resources (direct and/or indirect) and its ability to respond quickly when opportunities arise.
Geospatial analysis allows users to visualize across layers of influence and brings nuanced local market insight to decisions about how to deploy increasingly scarce resources. And it pinpoints areas that will likely yield high return on marketing investments.
Work across brands
In an era of reduced resources and of patients who might be customers for multiple brands, brand silos are a detriment to success.
To maximize the use of resources and create a truly agile organization, leading companies are building cross-functional teams. Resources that were allocated to each brand are instead pooled, allowing the organization to focus its energies and resources where they can be put to best use.
Collaboration across the organization is key. A shared services model should be developed to handle basic needs that reach across brands.
Adapt and adjust to the marketplace
Leading organizations develop a plan of action that encompasses brands, allocate their resources accordingly, review plans regularly and make changes as needed.
When a market event occurs, leading organizations are able to move the right people to the right place quickly. Brand teams and commercial operations teams work together, getting the right message to the right people based on immediate market feedback.
Collect and analyze the right data
To be effective, an agile sales force has to have an accurate picture of the complex interdependencies that underlie today’s health marketplace. That requires not only gathering the necessary data about patients, providers and pharmacies, but also analyzing it to identify key points of interaction in each geography.
Taking a comprehensive view, companies can work to get a new product on formulary, then connect with the doctors who will write the prescriptions and the pharmacy systems that will stock the product.
Promotional spend can be linked with efforts to ensure availability to the patient, and sales forces can be moved to key points of impact along the value chain. Commercial agility, the ability to respond to change in real time, leads to better market penetration with prescribers and patients — and better outcomes.